Crypto.com Passes 10 Million Users Mark
- The crypto app experienced a significant growth in its user base over the last four months, jumping from 5 million users to more than 10 million.
- The increased interest in the platform drove its revenue growth to 10x in 2020 alone, and its employee count from 250 to over 900 globally.
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Popular cryptocurrency app Crypto.com was able to double its userbase in only four months, and has now passed the 10 million users mark, the firm said in a blog post on 24 February.
According to Crypto.com’s co-founder and CEO, Kris Marszalek, the app has shown “consistent double digit growth rates month-on-month” over the past two years, regardless of the conditions of the crypto market. The app — that lets you buy, earn and spend crypto all in one place — also experienced a significant growth in its userbase over the last four months, jumping from 5 million users to more than 10 million in that time. Marszalek commented on the recent growth in numbers, saying:
“In 2020 we publicly announced our strategic goal: 100m users by 2025. Given the accelerated growth, we are now expecting to reach 100m users by 2023, a full two years ahead of schedule.”
The app has not only experienced an increase in user numbers, but also in revenue, which saw a 10x growth in 2020 alone. Marszalek further revealed the company had to invest “heavily in growing our team” — which jumped from 250 to now over 900 employees globally — in order to serve Crypto.com’s ever increasing userbase. Marszalek also said:
“We will continue to deliver against our product roadmap, serving critical use cases of payments, trading and finance while making strategic investments in developing DeFi, and NFT solutions.”
The announcement was made only a month before Crypto.com officially releases its Crypto.org Chain mainnet, scheduled for a 25 March launch. Earlier this month the firm revealed it will be burning 70 billion of its native CRO token in order to further decentralize the new blockchain.
Last May, the firm announced that its MCO Visa crypto-to-fiat debit card had become the “most widely available crypto card in the world”, covering all 27 E.U. member states, as well as Switzerland, Iceland, Norway and the U.K.. Later in 2020, Crypto.com also became one of the few crypto exchanges to receive approval for two financial licenses by the Maltese government, the Financial Institution License and a Class 3 Virtual Financial Assets (VFA) License.
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
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- Crypto.com CEO Kris Marszalek addressed customer concerns during a live AMA session today, claiming that the exchange had a strong balance sheet.
- He also clarified that Crypto.com had sent $1 billion in stablecoins to FTX over a the past year to fulfill order liquidity, and that it had only $10 million exposure to FTX when it fell.
- Part of the investment will support the establishment of a new Crypto.com European headquarters in the capital city of Paris.
- Funds will also be alocated to hire new talent in the region, and advance the exchange’s brand presence in Europe through customer engagement and education.